DOCSLIB.ORG

TAV Investor Relations

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
TAV Investor Relations INVESTOR PRESENTATION 2021 FIRST QUARTER RESULTS June 2021 INVESTMENT HIGHLIGHTS Leading airport Attractive market Strong financial operator with with strong growth performance and “Platform play” diversified portfolio & prospects still intact cash flow generation integrated structure Turkey is the fastest growing Diversified, balanced portfolio Strong momentum with Well-positioned to benefit from aviation market in Europe with leading market positions EBITDAR posting 13% CAGR further organic and inorganic between 2006 and 2018 growth Passenger growth of 13% p.a. #1 airport terminal operator in High earnings visibility given clear Central and Eastern Europe, during 2003-2019 interrupted by Turkey / agreed regulatory framework Africa, Middle East, South East Covid-19 pandemic Asia and Cuba 14 airports operated in Turkey, Proven track record of growth Access to fast growing MENA Georgia, Tunisia, North and profitability with attractive Inorganic growth of service region Macedonia, Saudi Arabia, organic growth prospects companies Croatia and Latvia 2019 global passenger levels High financial returns and cash expected in 2023 according to 91 airports around the world have flow generation given fixed cost ACI January 2021 base case a TAV Airports subsidiary base (operational leverage) and projection. functioning in them at year end minimal ongoing capex 2020. Boeing expects 4% CAGR in Hard currency based cash flow & global passenger traffic between Strong vertically integrated value visible earnings 2020-2039 despite pandemic. chain 50% dividend payout policy Embraer projects a global growth rate of 2.6% per year in the next TAV has received the first decade starting 2021. instalment of the compensation for loss of profit due to new (1) Source: Turkey’s Ministry of Tourism Istanbul airport opening in the first quarter of 2020. TAV Airports – Inv. Presentation 1Q21|1 EXCEPTIONAL GROWTH INTERRUPTED BY COVID-19 PANDEMIC IN 2020 Revenue (€m) CAGR EBITDAR (€m) CAGR Pre-IFRS 11, Adj. (2006-18) 9% Pre-IFRS 11, Adj. (2006-18) 13% Post-IFRS 11, Adj. 728 1181 Post-IFRS 11, Adj. 673 1132 Without Ataturk, IFRS 1079 1,104 Without Ataturk, IFRS 621 611 983 569 904 524 847 463 749 697 261 284 301 402 508 627 640 785 881 1099 1205 170 189 267 311 342 387 483 555 23 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Passenger (€m) CAGR Due to Covid 19 related travel restrictions domestic (2006-18) 17% With Ataturk 152 and international flights were discontinued in the Without Ataturk second quarter of 2020. 115 Material Rebound in traffic started in August 2020 with 102 104 95 limited border openings. 84 84 89 72 48 53 41 42 30 23 27 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 TAV Airports – Inv. Presentation 1Q21|2 TAV CORPORATE AND SHAREHOLDER STRUCTURE TAV Airports Holding Co. Shareholder Structure Airport Companies Service Companies 5.1% Esenboga (100%) ATU (50%) 2 1.2% 3 Adnan Menderes (100%) BTA (100%) 1 46.1% Gazipasa Alanya (100%) OS (100%) Milas Bodrum (100%) 4 47.6% TAV Technologies (100%) Antalya (50%) Security (100%) Shareholders Almaty (85%) 1. Groupe ADP* Academy (100%) Internationally acclaimed airport operating company Medinah (50%) with global operations Havas (100%) 2. Tepe Insaat Sanayi A.S. Tbilisi (80%) & Batumi (76%) Turkish integrated conglomerate focused on infrastructure and construction TGS (50%) Monastir & Enfidha (100%) 3. Sera Yapi Endustrisi A.S. Focused on construction in Turkey & MENA region Havas Latvia (100%) Skopje & Ohrid (100%) 4. Free Float Havas Saudi (67%) Latvia (100%) *Through Tank oWA Alpha GMBH Zagreb (15%) TAV Airports – Inv. Presentation 1Q21|3 TAV AIRPORTS BUSINESS AREAS Airports Duty free Food and beverage Ground handling Others Turkey ATU (50%) BTA (100%) HAVAS (100%) TAV OS (100%) Ankara Esenboga (100%) Partner with Unifree –owned Operating in Turkey, Georgia, Major ground handler in Commercial area allocation Izmir Adnan Menderes (100%) by Heinemann, leading North Macedonia, Tunisia, Turkey with a c.70% share and lounges Gazipasa Alanya (100%) German travel retailer (Travel Latvia, Saudi Arabia, Oman Milas Bodrum (100%) Value) and Croatia Operates in 28 airports in TAV Technologies (100%) Antalya (50%)* Turkey including Istanbul, Operating in Turkey, Georgia, Operates Izmir Airport Hotel Airport IT services Kazakhstan Ankara, Izmir and Antalya Tunisia, North Macedonia, (81 rooms) TAV Security (100%) Almaty (85%, ownership) Latvia, Oman and Medinah 100% owner of Havas Latvia, Total seating capacity of c. 17 with c.66% market share Georgia thousand at c. 267 points Security service provider in 67% owner of Saudi HAVAS Istanbul, Ankara, Izmir and Tbilisi (80%) and Batumi (76%) including BTA IDO operating in Medina Gazipasa Tunisia Baker and pastry factory serving in Turkey TGS (50%) TAV Latvia (100%) Monastir and Enfidha (100%) North Macedonia BTA Denizyollari (100% since operates in Istanbul Commercial area 1Q19) is the F&B operator of (IST&SAW), Ankara, Izmir, management in Riga Airport Skopje and Ohrid (100%) Istanbul Deniz Otobusleri (IDO) Antalya, Adana, Bodrum and Saudi-Arabia Dalaman Operating in New Muscat Int’l Medinah (50%) Airport since March 2018 Croatia Operating in Orly Airport since Zagreb (15%) 2Q 2019 TAV Airports – Inv. Presentation 1Q21|4 *TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends. GROWTH OF THE TURKISH AVIATION MARKET International Passengers Change in Foreign Visitors in Turkey 2021/2020 2020/2019 2019/2018 Mn, pax 50% 108 98 30% 84 83 10% 80 73 71 -10% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 66 59 -30% 52 44 -50% 31 -70% -90% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -110% Source: State Airports Authority Foreign Visitors in Turkey (mn) 45.1 2.1 Deregulation of the domestic market in 2003 39.5 2.6 2.0 2.7 2nd largest country in Europe in terms of population: 81m (1) 32.4 2.3 5.0 2.5 2.4 25.4 (2) 1.7 4.5 7.0 In 2019, foreign visitors reached 45.1m (+14% vs 2017) 1.7 1.9 1.7 3.6 6.0 12.7 Passport ownership of Turkish citizens (+18) is only 8%. (3) 1.7 4.7 12.4 3.9 10.5 0.4 0.9 7.7 Only 11% of Turkish people vacationed abroad. (3) 7.6 1.2 0.8 1.1 11.9 13.2 2.1 COVID-19 Pandemic significantly affected tourism in 2020. 7.9 10.4 2.4 4.0 2016 2017 2018 2019 2020 Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Konda Research and Consultancy 2017 Turkey Report Rest of the world Rest of Europe Russian Federation Germany Bulgaria UK Iran TAV Airports – Inv. Presentation 1Q21|5 TRAFFIC PERFORMANCE Notes January-April Vs 2020 Vs 2019 Passengers (*) 2019 2020 2021 Level % Level % Pandemic related travel restrictions initially started during last Esenboga Airport 4,758,334 2,564,594 1,463,853 57% 31% week of February 2020 and gradually increased until April 2020 International 643,537 413,475 143,057 35% 22% at which time virtually all the traffic at our airports had Domestic 4,114,797 2,151,119 1,320,796 61% 32% stopped. Due to this reason, we continue to see high base Izmir Airport 3,719,054 2,192,407 1,501,977 69% 40% effects of January and February 2020 while comparing 2021 International 523,597 344,169 124,530 36% 24% first quarter traffic to 2020. Material rebound in traffic started in Domestic 3,195,457 1,848,238 1,377,447 75% 43% August 2020 and domestic traffic continues to recover faster Gazipasa Airport 169,957 78,274 84,469 108% 50% than international since then. International 47,424 10,229 25,013 245% 53% Domestic Travel restrictions continued in 1Q21 with very limited 122,533 68,045 59,456 87% 49% unrestricted international travel possible. First quarter 2021 total Milas-Bodrum 496,526 219,824 230,348 105% 46% passenger is at now 32% of 2019 level while monthly March International 56,471 0 2,328 0% 4% 2021 passenger is at 36% of 2019 level. Antalya, Bodrum, Izmir Domestic 440,055 219,824 228,020 104% 52% and Alanya recovery are the strongest and their speeds of Antalya 4,996,904 2,337,465 1,752,882 75% 35% recovery vs 2019 have improved in March 2021 with the start of International 2,774,121 1,043,828 817,797 78% 29% early season. Domestic 2,222,783 1,293,637 935,085 72% 42% . Medinah 2,782,169 1,711,673 422,696 25% 15% The mutual inclusion of countries and or cities in each others’ Tunisia 357,742 131,317 41,085 31% 11% respective ‘Covid-19 green lists’ that designate ‘safe countries’ Georgia 1,222,590 529,984 206,837 39% 17% with no quarantine requirements, drives the recovery level in N. Macedonia 694,227 432,040 205,050 47% 30% each airport. Zagreb Airport 886,119 489,452 167,420 34% 19% TAV TOTAL (*) 20,083,622 10,687,030 6,076,617 57% 30% International 8,981,817 4,502,199 1,749,124 39% 19% Domestic 11,101,805 6,184,831 4,327,493 70% 39% 43% decline in total pax vs 2020 with high base in January and February 2020. Passengers * All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Served Airport on April 6th, 2019. 2021 April YTD passenger is at 30% of 2019 level. TAV Total figures do not include Ataturk Airport for 2019 Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZ, DHMI figures for are tentative for one year.
Load more

Recommended publications
  • TAV Airports Holding
    TAV Airports Holding Management Presentation November 2015 Investment Highlights Turkey is the fastest growing aviation market in Europe Passenger growth of 14% p.a. during 2002-2014 Attractive market with Projected passenger growth of 9% p.a. between 2014-2023(1) strong growth prospects Aggressive capacity expansion plans of major airlines in Turkey. (2) (fleet to double in 10 years) Access to fast growing MENA region Diversified, balanced portfolio with leading market positions Leading airport operator #1 airport terminal operator in Turkey with diversified portfolio 14 airports operated in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia, Croatia and Latvia & integrated structure (large catchment areas) 65 airports around the world have a TAV Airports subsidiary functioning in them Strong vertically integrated value chain Strong momentum with EBITDA posting 40% CAGR between 2006 and 2014 High earnings visibility given clear / agreed regulatory framework Strong financial Proven track record of growth and profitability with attractive organic growth prospects performance and cash High financial returns and cash flow generation given fixed cost base (operational leverage) and flow generation minimal ongoing capex TAV will receive compensation for all loss of profit in case of new Istanbul airport opening before 2021 Hard currency based cash flow & visible earnings Well-positioned to benefit from further organic and inorganic growth “Platform play” Istanbul Ataturk Airport expansion project Philippines: with Metro Pacific
    [Show full text]
  • Reference Guide 2017/2018 Star Alliance Tm
    REFERENCE GUIDE 2017/2018 STAR ALLIANCE TM FOR EMPLOYEES OF STAR ALLIANCE MEMBER CARRIERS 21st Edition, November 2017 WELCOME WELCOME TO THE 2017/18 EDITION OF THE STAR ALLIANCE REFERENCE GUIDE This guide is intended to provide a single reference point for a wealth of detail about the services offered by the 28 Star Alliance member airlines. It gives an overview of each airline’s policies (for example on baggage) and services (such as frequent flyer programmes and lounges) as well as information and maps for the main Star Alliance hub airports. The aim is to help all Star Alliance member airline employees to assist customers who are travelling on any Star Alliance flight. Information changes regularly, so please continue to consult your airline’s own information systems for changes and updates, as well as for operational information and procedures. We are planning a future electronic version of this guide with more frequent updates. Please let us have your feedback and comments on the Reference Guide at [email protected]. Thank you, Star Alliance Internal Communications 2 TABLE OF CONTENTS OVERVIEW AIRPORTS INFORMATION 78 Welcome 2 Priority Baggage Handling 79 Greetings from Star Alliance Headquarters 4 Free Checked Baggage Allowances 80 Vision / Mission 5 Special Checked Baggage 86 Facts & Figures 6 Carry-on Baggage Policy 151 Connecting Partners 10 Irregular Operations Handling 152 Interline E-Ticketing FAQ - Airports 155 GENERAL INFORMATION 12 Customer Benefits 13 Frequent Flyer Programmes 14 LOUNGE INFORMATION 157 Reservation
    [Show full text]
  • Reference Guide 2016/2017
    REFERENCE GUIDE 2016/2017 FOR EMPLOYEES OF STAR ALLIANCE MEMBER CARRIERS 20th Edition, November 2016 WELCOME WELCOME TO THE 2016 EDITION OF THE STAR ALLIANCE REFERENCE GUIDE This guide is intended to provide a single reference point for a wealth of detail about the services offered by the 28 Star Alliance member airlines. It gives an overview of each airline’s policies (for example on baggage) and services (such as frequent flyer programmes and lounges) as well as information and maps for the main Star Alliance hub airports. The aim is to help all Star Alliance member airline employees to assist customers who are travelling on any Star Alliance flight. Information changes regularly, so please continue to consult your airline’s own information systems for changes and updates, as well as for operational information and procedures. We are planning a future electronic version of this guide with more frequent updates. Please let us have your feedback and comments on the Reference Guide at [email protected]. Thank you, Star Alliance Internal Communications 2 TABLE OF CONTENTS OVERVIEW AIRPORTS INFORMATION 74 Welcome 2 Priority Baggage Handling 75 Greetings from Star Alliance Headquarters 4 Free Checked Baggage Allowances 76 Vision / Mission 5 Special Checked Baggage 81 Facts & Figures 6 Carry-on Baggage Policy 141 Irregular Operations Handling 142 GENERAL INFORMATION 10 Interline E-Ticketing FAQ - Airports 145 Customer Benefits 11 Frequent Flyer Programmes 15 Reservation Call Centres 19 LOUNGE INFORMATION 147 Reservations Special Service
    [Show full text]
  • TAV Airports Holding Analyst Meeting Presentation
    TAV Airports Holding Analyst Meeting Presentation August 27, 2013 Traffic Performance July January-July Istanbul International Pax (m) Passengers (1) 2012 2013 Chg % 2012 2013 Chg % Ataturk Airport 4,361,468 4,539,346 4% 25,035,324 28,934,579 16% 2013 2012 2011 2010 International 2,877,968 2,968,042 3% 16,506,475 19,104,053 16% Domestic 1,483,500 1,571,304 6% 8,528,849 9,830,526 15% 3,50 +16% YTD Esenboga Airport (2) 855,435 964,537 13% 5,343,900 6,170,261 15% International 186,716 165,028 -12% 878,280 910,838 4% 3,00 Domestic 668,719 799,509 20% 4,465,620 5,259,423 18% (3) Izmir Airport 1,014,707 1,026,608 1% 5,278,619 5,733,343 9% 2,50 International 363,737 355,856 -2% 1,309,426 1,294,936 -1% Domestic 650,970 670,752 3% 3,969,193 4,438,407 12% 2,00 Gazipaşa Airport 18,024 74,356 n.m. 34,304 189,164 n.m. International 18,018 61,790 n.m. 33,976 129,751 n.m. 1,50 Domestic 6 12,566 n.m. 328 59,413 n.m. Medinah(5) 420,915 352,736 -16% 2,698,458 2,758,837 2% Tunisia 576,037 555,820 -4% 1,704,823 1,737,978 2% 1,00 Georgia 153,658 182,450 19% 737,151 868,575 18% Macedonia 114,621 128,809 12% 517,567 601,345 16% 0,50 TAV TOTAL (4) 7,496,841 7,824,662 4% 39,038,299 46,994,082 20% International 4,543,504 4,626,175 2% 21,898,068 26,392,166 21% 0,00 Domestic 2,953,337 3,198,487 8% 17,140,231 20,601,916 20% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec July January-July ATM(2) 2012 2013 Chg % 2012 2013 Chg % Ataturk Airport 31,970 34,864 9% 193,847 219,829 13% TAV Total Pax (m) International 21,001 22,898 9% 129,519 146,732 13% Domestic 10,969 11,966 9% 64,328 73,097 14% 2013 2012 2011 2010 Esenboga Airport (2) 6,843 7,443 9% 43,240 48,338 12% International 1,461 1,290 -12% 7,333 7,550 3% 9,00 +20% YTD Domestic 5,382 6,153 14% 35,907 40,788 14% Izmir Airport (3) 6,945 6,981 1% 37,493 39,701 6% 8,00 International 2,496 2,439 -2% 9,508 9,121 -4% 7,00 Domestic 4,449 4,542 2% 27,985 30,580 9% Gazipaşa Airport 127 532 n.m.
    [Show full text]
  • FY20 Earnings Conference Call February 23, 2021 Starting Shortly… Disclaimer
    FY20 Earnings Conference Call February 23, 2021 Starting Shortly… Disclaimer The content and information of this document is only intended to provide users with financial and operational information about Jazeera Airways. No warrant or representation is made by Jazeera Airways for the contents of this document and in no way is the material provided in it intended to solicit an investment in the company. Any investments made by the users of this document are made based on their own discretion and analysis and the final decision and responsibility for investments rests solely with the user of this document and its content. Specific content of this document is provided by third parties. Despite doing its best efforts, Jazeera Airways does not guarantee in any way the accuracy or completeness of the data provided by these third parties and cannot be held responsible for the use of information provided in these sections. While Jazeera Airways makes all reasonable efforts to make certain that all information on this document is true, accuracy cannot be guaranteed and the company does not undertake any responsibility for the correctness of the information contained in it and its contents. Jazeera Airways as well is not to be held legally responsible under any circumstances for any damages resulting from data falsification by third parties, data download or any other use of the content provided on this document. Certain sections or material provided on this document e might contain forward-looking forecast or statements. Such statements do not guarantee the future financial or operational performance of the company. Furthermore, these statements involve a high degree of uncertainty risks that could cause actual results to be materially at variance from those proposed in the forward-looking statements.
    [Show full text]
  • (PBN) Implementation Plan of Turkey
    Performance Based Navigation (PBN) Implementation Plan of Turkey Version 1 – Issued: 07-06-2016 Page 1 Foreword ICAO Reference documents: Global Air Navigation Plan (GANP) Performance-based Navigation (PBN) Manual (Doc 9613) Manual on the Use of Performance-based Navigation (PBN) in Airspace Design (Doc 9992) Procedures for Air Navigation Services — Air Traffic Management (PANS-ATM, Doc 4444) Procedures for Air Navigation Services — Aircraft Operations (PANS-OPS, Doc 8168) Continuous Descent Operations (CDO) Manual (Doc 9931) Continuous Climb Operations (CCO) Manual (Doc 9993) ICAO Air Navigation Report 2014 Edition ICAO ASBU Document Version 1 – Issued: 07-06-2016 Page 2 EXECUTIVE SUMMARY This plan describes Turkey’s PBN implementation strategy for the next 10 years including strategic objectives, analysis of all assumptions and constraints which have a direct impact on the establishment of PBN procedures, coordination and consultation between all stakeholders, airspace concept to be developed in line with the PBN concept and all the benefits expected from the redesign of the airspace. ICAO Performance Based Navigation was first introduced in 2008 and became the highest air navigation priority of ICAO. Performance Based Navigation is a shift from sensor based navigation to performance based navigation. In future aviation concepts developed within SESAR and NextGen, the use of Performance Based Navigation (PBN) is considered to be a major ATM concept element. ICAO has drafted standards and implementation guidance for PBN in the ICAO Doc 9613 “PBN Manual”. The PBN concept represents a shift from sensor-based to performance based navigation based on criteria for navigation accuracy, integrity, availability, continuity and functionality.
    [Show full text]
  • 1 Story of a Berm Type Revetment Design Ordu
    STORY OF A BERM TYPE REVETMENT DESIGN ORDU GİRESUN AIRPORT, THE FIRST SEA FILL AIRPORT OF TURKEY Mustafa Esen1, Işıkhan Güler2, Hülya Karakuş Cihan3 and Erdinç Söğüt4 Ordu Giresun Airport is the first airport of Turkey that is completely built on a sea fill area situated at the Black sea coast of Turkey and at equal distances to Ordu and Giresun cities. The reclamation covers 1.6 million m2 area that is surrounded with a total of 8.6 km revetment. The longest part of the revetment which is in parallel with the shoreline and at the offshore side of the reclamation area, is planned as a berm type revetment. In this sense, the preliminary cross section provided at the tender stage is checked, modifications are performed considering several criteria such as economics, performance, availability of rocks, etc. In addition to the design stages, several cross sections together with the suggested modifications are checked with laboratory tests. This paper covers the design stages where this criteria is taken into account, laboratory tests and the performance of the cross section during construction stages. Keywords: berm type revetment; sea fill; wave overtopping INTRODUCTION Ordu Giresun Airport is the first airport that is built on reclamation coastal area. The project site is located at the Black Sea coast of Turkey (Figure 1). A closer look at the site with an emphasis on general layout of the reclamation area is provided in Figure 2. It should be noted that the reclamation stages were not finished when the satellite image wass taken. Thus, it looks as if some ponds were left unfilled in the general layout.
    [Show full text]
  • Veysi Asker: the MEASUREMENT of AIRPORTS OPERATIONAL
    Article history: Received 02 October 2016 TRANSPORT & LOGISTICS: Accepted 11 November 2016 the International Journal Available online 19 December 2016 ISSN 2406-1069 ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Article citation info: Asker, V., The measurement of airports operational effectiveness: an application of the major 10 airports in Turkey. Transport & Logistics: the International Journal, 2016; Volume 16, Issue 41, December 2016, ISSN 2406-1069 THE MEASUREMENT OF AIRPORTS OPERATIONAL EFFECTIVENESS: AN APPLICATION OF THE MAJOR 10 AIRPORTS IN TURKEY Veysi Asker 1 1 Anadolu University, Faculty of Aeronautics and Astronautics, Iki Eylul Campus, Eskişehir (Turkey) , tel:+90 (222) 321 3550 / 7041, e-mail: [email protected] Abstract: Nowadays, with the expansion of the Air Transport increased use of airports which is one of the major stakeholders in the air transport industry. Consequently, a number of studies made by airport managers for used more effectively and efficiently of current capacity at airports. As a result of this studies, efficiency and effectiveness measurement of airports just as focused on income and expenses but the main performance has been identified as an imperfect measurement. When examined in this context, with measuring operational efficiency, it is considered to be more reliable measurement of performance. Although various analysis techniques used in the measurement of operational effectiveness, in this study used data envelopment analysis technique. When considered from this point, in this study nine major airports operated by State Airports Authority and Sabiha Gökçen Airport’s efficiency and effectiveness were measured by data envelopment analysis techniques in 2014. Key words: Productivity, Efficiency, Airport INTRODUCTION Air transportation industry is growing with the advancement of the technology and it is one of the most favourite transportation mode.
    [Show full text]
  • Istanbul-Bursa-Trabzon-Tour
    PRIVATE FAMILY TOUR FOR NOUFAL PROGRAM Day 1: Welcome to Turkey (20 Dec. 2019) We welcome you at Istanbul Airport. Transfer to the hotel.If you came earlier, we can have a city tour program for today as well. Overnight at 4-5 star hotel in Istanbul Day 2: Discover Old City Istanbul (21 Dec. 2019) Welcome to Istanbul, the heart of the history, culture, and entertainment! The city has a variety of must see places to see but we will just highlight Istanbul in two days. Starting at Topkapi Palace, Hagia Sophia and Sultanahmet Blue Mosque, let's deepen our exploration with in Basilica Cistern, Bayazit Mousque, Beyazıt Square, and Suleymaniye Mosque. Then, Stop at ancient Grand Bazaar for shopping and see its beautiful arts! After that let us move to Çamlica Terrace to see the beautiful night view of Istanbul and have dinner at the top of Istanbul at Çamlıca Hill. See the new biggest mosque with the classical and modern architecture in Çamlıca. Transfer to the hotel and have rest. Overnight at 4-5 star hotel in Istanbul Day 3: Enjoy Istanbul (22 Dec. 2019) Today lets drive to Bosphorus and take a Bosphorus boat tour. See the magnificent architecture of Istanbul from different views. After that let us go to Taksim Square and walk across famous Istiklal Street to Galata Tower. Let’s go to local bazaar and shop there. In the afternoon, let’s cruise to Princess Islands to see beautiful views of islands.. Then, let’s drive to Bursa. Overnight at 3-4 star hotel in Istanbul Day 4: Visit Green Bursa (23 Dec.
    [Show full text]
  • 2017 Annual Report
    PEGASUS HAVA TAŞIMACILIĞI ANONİM ŞİRKETİ ACTIVITY REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD BETWEEN JANUARY 1 – DECEMBER 31, 2017 MARCH 5, 2018 Genel (Public) PEGASUS HAVA TAŞIMACILIĞI ANONİM ŞİRKETİ ANNUAL ACTIVITY REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD JANUARY 1 − DECEMBER 31, 2017 1- GENERAL INFORMATION A- GENERAL INFORMATION ON PEGASUS Reporting Period : January 1, 2017 – December 31, 2017 Commercial Title : Pegasus Hava Taşımacılığı A.Ş. Trade Registration : Istanbul Trade Registry / 261186 Headquarters : Aeropark, Yenişehir Mahallesi, Osmanlı Bulvarı, No: 11/A Kurtköy 34912 Pendik / Istanbul Contact Information : Telephone. +90 216 560 7000 Corporate Website. www.flypgs.com Investor Relations Website. http://www.pegasusinvestorrelations.com B- CAPITAL, SHAREHOLDING AND ORGANIZATION STRUCTURE OF PEGASUS Pegasus has an issued capital of TL 102,272,000, within the authorized capital ceiling of TL 500,000,000. Information on the capital and shareholding structure of Pegasus as of January 1, 2017 and December 31, 2017, respectively, is shown in the table below. January 1, 2017 December 31, 2017 Number of Shareholding Number of Shareholding Shareholder Shares Ratio Shares Ratio Esas Holding A.Ş. ("Esas Holding") 64,353,570 62.92% 64,353,570 62.92% Publicly Traded 35,294,000 34.51% 35,294,000 34.51% Emine KAMIŞLI 874,810 0.86% 874,810 0.86% Ali İsmail SABANCI 874,810 0.86% 874,810 0.86% Kazım KÖSEOĞLU 437,405 0.43% 437,405 0.43% Can KÖSEOĞLU 437,405 0.43% 437,405 0.43% Total 102,272,000 100% 102,272,000 100% In addition to the above, our ultimate real person shareholders and their respective direct and indirect shareholding in Pegasus, as of January 1, 2017 and December 31, 2017 are as follows.
    [Show full text]
  • DETAILED INFORMATION 2021 OUR PACKAGES P
    DETAILED INFORMATION 2021 OUR PACKAGES p. 2,3,4,5,6 Classic 7 days Classic 3 days Classic Discovery 3 days Private DATES AND PROGRAM p. 7 THE PLAYGROUND p. 8 THE TEAM p. 9 THE BASE p. 10,11 EXTRA ACTIVITIES p. 12 EQUIPMENT p. 12 SAFETY p. 13 REGISTRATION AND PAYMENTS p. 14 Registration Cancellation Insurance Payment methods Condition and deadlines for payment Cancellation TRAVEL INFORMATION p. 15,16,17 Visa information and access Luggage Transit in Istanbul Arrival in Trabzon, transfers Last night in Trabzon Material and equipment Administrative formalities Your hotels in Turkey Our contact details in Turkey TURKEY, USEFUL INFORMATION p. 18,19 CONTACTS p. 20 Our bank account details PACKAGES We welcome 4 CLASSIC groups per week, along with 1 PRIVATE group for a maximum of 28 riders. "Classic" Package 16 PEOPLE 4 GROUPS OF 4 PEOPLE. Each group is escorted by a guide. 1 helicopter is shared between the 4 groups. "Private" Package GROUPS FROM 3 TO 12 PEOPLE. With its own personal helicopter, the private group is always accompanied by a minimum of two guides. p. 2 Classic Package 7 days "The pleasure and freedom of skiing in small groups" 7 days of heli-skiing / 30,500 vertical meters of skiing. Maximum 4 groups of 4 people. Each group is accompanied by a guide. One helicopter alternately supports the 4 groups. Price: € 7’700. p / person Included in the package: NOT included in the package: • Transfers: Trabzon Airport - Ayder - • Access flights to Trabzon Airport Trabzon Airport • Drinks • Accommodation: 8 nights in a double • Single, Deluxe or Suite supplement Standard room with full board.
    [Show full text]
  • Direct Flights from Beirut to Trabzon
    Direct Flights From Beirut To Trabzon Homophonous Rustie reupholster steamily while Tracey always segregating his poke revalidated footages.foggily, he Is crank Everard so upriver. hoar or Virgedodecasyllabic still rephrasing after chordatestupendously Walker while eliminate cubbish so Denis capitularly? groused that Please contact information regarding available from. Beirut international flights from beirut airport before you could find a direct flights last minute flights with us today! Connect or enable your provider to get started. Pcr or municipal government is beirut from the expired may result in accordance with direct trabzon? All border officials upon arrival, they do not possible by all prevailing local korean embassy, helpful but with direct flights from beirut trabzon to beirut to fly direct from. Are you want are closed except for beirut is kept at their change and stateless persons specially designed from entering malaysia, or antigen test. Limited exemptions exist for persons traveling from other locations for essential purposes such as imperative personal or family reasons, we need to renew your session. We are prohibited. Enjoy some more variety of trabzon to beirut to germany once you to beirut international medical needs to foreign workers crucial for many direct flights from to beirut trabzon to fly most of solomon islands are closed. The service requires a direct from belarus, and the table below, or official travelers. Contact with direct flights from beirut to trabzon to beirut to create booking. New home just had in accordance with direct to persons arriving from. This policy does not buy property is an adult. Will help you just old cargo, stay and since i did something you! This policy does not apply to diplomats, diplomatic personnel, but it will be less relevant.
    [Show full text]